| Pharma firm Cipla, on Tuesday, announced its intent to acquire two biotechnology companies with a joint venture partner in China for a consideration of $65 million. | |
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Cipla Chairman Y K Hamied said “the entire investment will be funded through internal accruals.” The investment will be made by Cipla through its wholly owned subsidiary in a phased over over a period of three years. Cipla acquires 40 per cent and 25 per cent stake in both the biotech companies based at Goa and Hong Kong respectively though subscription of fresh shares. The biotech company at Goa will have state of the art facility for biosimilar products and Cipla will have rights to market all products within and outside the country. Source: Deccan Herald |